Net Excess Availability definition

Net Excess Availability as of any date of determination, an amount equal to the U.K. Availability minus the aggregate amount, if any, of all trade payables of U.K. Domiciled Obligors that are more than 60 days past due and all book overdrafts of U.K. Domiciled Obligors in excess of historical practices with respect thereto, in each case as determined by Agent in its Credit Judgment.
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Net Excess Availability means average daily Availability for the previous calendar quarter, net of (x) the outstanding amount of Advances and (y) the Letter of Credit Usage measured on the first Business Day of the immediately following calendar quarter.
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Net Excess Availability means, on any day, (a) the amount calculated under clause (b)(i) and clause (b)(ii) of the definition of Borrowing Base, minus (b) Reserves other than Reserves calculated under clause (k) of the definition of Reserves, minus (c) the Aggregate Revolver Outstandings, in each case determined as of such day.
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Examples of Net Excess Availability in a sentence

  • Notwithstanding anything to the contrary herein, but subject to Section 1.5 hereof, all financial ratios and tests (including the Fixed Charge Coverage Ratio and the amount of Consolidated Total Assets and Consolidated Adjusted EBITDA but excluding Net Excess Availability) contained in this Agreement that are calculated with respect to any Test Period during which any Subject Transaction occurs shall be calculated with respect to such Test Period and such Subject Transaction on a Pro Forma Basis.

  • No Obligated Party shall voluntarily prepay or redeem any Debt except (a) the Obligations and (b) the Senior Subordinated Notes if after any such prepayment or redemption and for the sixty (60) day period immediately preceding any such prepayment or redemption the Obligated Parties are current with respect to payment of their other indebtedness, liabilities, and obligations and, after giving effect to any such prepayment or redemption, Net Excess Availability is greater than $30,000,000.

  • The Obligated Parties shall not permit the Average Net Excess Availability to be less than $25,000,000 for the period beginning on June 1 and ending on June 30 and beginning on December 1 and ending on December 31 of each calendar year.

  • Maintain U.S. Net Excess Availability of no less than 10% of the U.S. Borrowing Base (without giving effect to the U.S. LC Reserve, the Canadian Overadvance Loan Balance, and the U.K. Overadvance Loan Balance for purposes of this calculation) at all times.

  • The Obligated Parties shall not permit the Net Excess Availability to be less than $5,000,000 at any time.


More Definitions of Net Excess Availability

Net Excess Availability means undrawn availability under the Revolving Loans after deducting all sums due and owing to Borrowers' trade creditors which are outstanding beyond normal trade terms (as determined by Lender), less all Reserves established by Lender."
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Net Excess Availability means, at a particular date, undrawn availability under the Revolving Loans after deducting all sums due and owing to Borrowers’ trade creditors which are more than thirty (30) days past due (unless Borrowers shall have provided evidence satisfactory to Lender that the party due such payables has agreed to other terms), less all Reserves established by Lender.”
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